Budgeting for a Meeting
The choice of venue is only one of the costs associated with a meeting. Depending on the nature of the meeting and how many are attending, the venue may or may not be the largest cost.
Working Within a Budget
First of all you need to set the budget. To do this the team organising the meeting should:
Identify the costs (some possible costs are outlined below).
Obtain realistic estimates.
Agree on the importance of each cost.
Add a figure for indirect and unexpected costs (they always come up).
Agree a maximum spend for each cost.
Next comes cost control:
Inform the meeting team of the cost constraints at the beginning of the planning phase.
Closely monitor the actual expenses against the planned expenditure and review the differences.
Inform those responsible of potential overspending, preferably before it becomes too much.
Revise budget to prevent future overspending.
After the meeting review the budget set against the expenditure:
Identify reasons for any overspending.
Justify the overspending.
Evaluate the cost effectiveness of the meeting.
Discuss ways to make the next meeting budget more realistic.
Discuss ways to make the next meeting more cost effective.
Costs to Include in the Meeting Budget:
Events, entertainment, recreational activities
Hand outs, promotional gifts
Speaker, entertainer fees
Publicity materials, brochures, flyers
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